UK House Price Inflation Slows More Than Expected In January

House price inflation in the United Kingdom eased more-than-expected in January to its lowest level in ten months, figures from the Office for National Statistics showed Tuesday. 

The house price index rose 8.4 percent year-over-year in January, following a 9.8 percent increase in December. Economists had expected prices to increase by 8.9 percent. 

The latest rate of growth was the lowest since March 2014, when prices had risen 8.0 percent. 

Annual house price growth is beginning to show signs if slowing across the majority of the UK, the agency said. House price inflation in England was 8.5 percent in January, which was driven by an annual increase in London of 13.0 percent and to a lesser extent increases in the East by 9.9 percent. 

Excluding London and the South East, UK house prices climbed 6.5 percent yearly at the beginning of the year. Prices paid by first-time buyers were 9.7 percent higher from a year ago. 

On a monthly basis, house prices dropped 0.2 percent in January, in contrast to a revised 0.7 percent increase in December. It was the first decline in ten months.